Imran Khan's interview with Najam Sethi

[yazdi]

Re: Imran Khan’s interview with Najam Sethi

@Silaaj

I think yazdi overstated things a bit, and took them out of context, intentionally or unintentionally.

Regarding the investment, Imran said that 1) He personally has no say in the operational affairs of SKMH, so to drag him, or PTI into it is asinine. 2) Investment was made in an ex-director’s company, from which they have a clear underwriting that if there is a loss, SKMH will not bear it, and the director’s company will reimburse SKMH in full within 1 year. 3) In order to stress his commitment to ensuring that SKMH does not take a loss on this, he personally pledged to sell his property in order to make up this loss, IF it came to that. Otherwise, there is no indication that any misappropriation has taken place…and the company in question is worth billions…so underwriting a $3million loss is not a problem for them, which is why the investment was made in the first place under the umbrella of such a guarantee.

And finally, the money used had come from overseas donations, which were put into an endowment fund, the details of which are clearly laid out in SKMHs annual reports. I dont know why despite documented evidence, the media refuses to accept a fact for a fact. No wonder everyone talks about ‘lifafas’ and vested interests.

You are putting things out of context. Money was not returned after several years of dead investment (at least 5-6 years now). SKMH has no bank guarantee. Company belonging to one of the members of the board who were responsible for making decisions regarding the investment is in dire straits according to my information. I personally knew another member of this board who died last year (hint a very tall gentleman from Karachi).. who told IK that the investment was gone more than 2 years ago. All these board members were personally selected by Imran Khan.. so he has to take responsibility.

Investment in a company belonging to one of the board members should not have been made (conflict of interest).. specially without securing any reliable (bank guarantee).. just on a worthless piece of paper (personal guarantee)..

I don’t doubt IK’s intentions.. he has proven his credibility by offering to sell his Zaman Park residence to settle this investment. I have no doubt that IK will do that if the investment does not come back in one year. Mark my word today that he will have to settle this liability from his own resources eventually. IK has no experience in running institutions and has no exposure of handling formalized investments.

P.S. The whole affair exposes emotional side of IK and his limitations to make analytical decisions. (hint) IK was fully involved when this investment decision was being made despite most of the board did not want to do this investment.